Morning Spread

Morning Spread

Wednesday 17th September 2014
IndexLevelChg (%)
UK Market6804.82+0.19
Dow Indust Avg17131.97+0.59
S&P 5001998.98+0.75
Nasdaq Composite4552.76+0.75
Nikkei 22515888.67-0.14
Hang Seng24376.41+1.00
IndexLevelChg (%)
Nymex 1m94.57-0.33
Gold Spot1235.85+0.02
GBP/USD1.6292-0.09
GBP/EUR1.2577+0.18
EUR/USD1.2955-0.07
USD/JPY107.26-0.19

European stocks rose as investors weighed central-bank stimulus around the world before the Federal Reserve’s decision on monetary policy. The ESTX 50 (+0.32%), CAC 40 (+0.37%), Dax (+0.34%) and UK markets (+0.04%) all posted gains in early trading. DS Smith Plc advanced +3.6% after saying sales are increasing at a faster pace than last year. Ebro Foods SA added +3.4% as UBS AG raised its rating on the company to “buy” from “neutral”. Daily Mail dropped -8.3% after saying the postponement of RMS One will result in a material impairment to the value of the asset this, and operating costs will increase by £5 million. Richemont declined -3.4% after saying five month sales climbed 4% at constant exchange rates, less than the 6% growth projected by analysts. Smiths Group slipped -4.9% after reporting a decline in full year revenue.

 

US stocks rose and commodities rallied on a report that China’s central bank is boosting stimulus measures. The Dow Jones Industrial Average (+0.59%), S&P 500 (+0.75%) and Nasdaq Composite (+0.75%) all advanced. Humana Inc climbed +3.7% after announcing a $2 billion plan to repurchase shares. Zillow jumped +6.1% after Stephens Inc initiated the shares with an “overweight” rating and a $170 price estimate, saying the real-estate Web site still leads the category and is in the early stages of revenue and profitability. Wynn Resorts declined -0.5% as workers in Macau held protests that threaten to undermine the earnings of casinos there. SodaStream International Ltd added +1% after it was reported that the company is in talks with an unidentified British fund about a $840 million sale. Micron Technology Inc added +4.8% after Stern Agee said they may see significant upside from Japanese yen depreciation.

 

Most Asian stocks rose as China’s central bank joined the ECB in boosting liquidity. The Hang Seng (+1.00%) advanced, while the Nikkei 225 (-0.14%) and the S&P/ASX 200 (-0.69%) both declined. Chinese banks rallied. Industrial and Commercial Bank of China gained +1.6%, Agricultural Bank of China Ltd rose +1.4% and China Construction Bank Corp advanced +1.6% in Hong Kong. Pioneer gained +1.6% in Tokyo after saying it will cut 10% of its workforce and sell its audio equipment business for disc jockeys to private equity firm KKR & Co. SJM sank -5.2% after Credit Suisse cut its 2014 forecast for Macau gaming revenue growth to 1% from 5%. Sands China Ltd lost -5.1% and Galaxy Entertainment Group Ltd declined -2.6%. SAI Global Ltd sank -5.6% in Sydney after saying no final offers have been received for the entire company.